All Forum Posts by: Akhil Kumar

Have high 700's score. 

@Thomas S.: thanks for the quick reply. I totally agree. My concern is since I don't have HELOC setup yet and am planning to get the 80% loan in 4 months, would opening the HELOC now lower my credit score meaningfully to make the loan more costly ?

Hello Gurus,

I have cash in the bank to make the downpayment on my next REI (buy and hold and rent). I don't have a HELOC set up yet, though I have enough equity in the home to get one.

My question is: which option makes most financial sense?

1. use cash to make the 20% downpayment. Take 80% loan

2. open HELOC, use it to make 20% downpayment. Take 80% loan

The advantage of 2. is I preserve my cash and pay down the HELOC balance over the year vs. paying it all upfront. The downside I can see is opening a HELOC will probably lower my credit score and thus the 80% loan will likely cost more. Just my hypothesis.

I have about 4 months to pull the trigger on the REI.

Wanted to see what you all thought about the two options.

Thanks in advance !

Hey Gurus,

want to know what you guys think about looking at property assessed value as the basis for making an offer (rental property investing) ? I have seen the asking price differ significantly from the assessed value in some cases, sometimes not so much. 

Has anyone used this strategy to make buy offers ? Would love to hear your experiences. 

Thanks in advance !

I have tried multiple times to get EIN for my LLC using the IRS online system. Each time,

after providing all the details, I get this message:

We are unable to provide you with an EIN.

We apologize for the inconvenience, but based on the information provided we are unable to provide you with an EIN through this online assistant.

Please call 1-800-XXX-XXXX for assistance. When outside the US, call 267-XXX-XXXX. TTY/TDD:

1-800-XXX-XXXX

.

Please have your information readily available, and mention reference number 101.

I have called the number numerous times (even as I write this). I get put on hold for at least 30 minutes. Then it appears someone picked up the call. And then disconnects. 

Rinse and repeat.

Does anyone know how to get around this quagmire ? I need the EIN to open bank account for the LLC.

Thanks in advance !

yes, I heard about Quantum Bank as well. Also Bank of North Georgia.

is there a meetup happening in Nov 2016 ?

On the same lines, does anyone have a recommendation for a Property Management company they have chosen to manage their multiunit ( upto 4 plex) and would recommend ? I spoke with a PM who mainly does SFH and they didn't seem too keen on managing multiunits. I can understand the renter profile is different for a MU renter than a SFH renter, so I am looking for a PM who would is willing to take up MU PM and actually does it well. Personal experiences would be most helpful. Thanks !

Hello,

anyone in Atlanta working with a Real Estate agent on multiunit deals (duplexes, upto fourplexes) ? Would love to hear firsthand experiences and recommendations from investors. 

Thanks !

Hey @Patrick Sullivan: any progress on finding good sources for demographic trends ? I am in the same situation. I have several prospective areas, which produce good cash flow. One area is a  solid blue collar neighborhood. Other area is a millenial heavy area. At least that's my hypothesis. I would like to see some numbers that'll prove/disprove my hypothesis. 

Any suggestions on how to validate ? 

Many thanks !